Company Valuation: Thai Oil

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 100,981 125,653 120,069 63,106 80,418 143,524 - -
Change - 24.43% -4.44% -47.44% 27.43% 78.47% - -
Enterprise Value (EV) 1 269,433 257,808 269,900 197,723 145,510 225,354 236,569 229,951
Change - -4.31% 4.69% -26.74% -26.41% 54.87% 4.98% -2.8%
P/E 8.02x 3.6x 6.18x 6.33x 5.51x 5.82x 9.8x 8.86x
PBR 0.84x 0.83x 0.73x 0.39x 0.47x 0.7x 0.67x 0.64x
PEG - 0x -0.1x -0.1x 0.1x 0.1x -0.2x 0.8x
Capitalization / Revenue 0.29x 0.24x 0.26x 0.14x 0.2x 0.31x 0.33x 0.29x
EV / Revenue 0.78x 0.49x 0.58x 0.42x 0.37x 0.49x 0.55x 0.47x
EV / EBITDA 8.89x 4.96x 7.22x 9.42x 8.23x 4.92x 7.43x 6.16x
EV / EBIT 11.8x 5.82x 9.13x 15.3x 15.1x 6.1x 11x 9.46x
EV / FCF -10.9x 22.8x 19.9x 6.5x 3.79x -10.3x -66.7x 14.9x
FCF Yield -9.15% 4.39% 5.03% 15.4% 26.4% -9.74% -1.5% 6.72%
Dividend per Share 2 2.6 4 3.4 1.9 1.8 3.48 2.51 3.196
Rate of return 5.25% 7.11% 6.33% 6.73% 5% 5.42% 3.91% 4.97%
EPS 2 6.17 15.63 8.7 4.46 6.53 11.05 6.556 7.255
Distribution rate 42.1% 25.6% 39.1% 42.6% 27.6% 31.5% 38.3% 44.1%
Net sales 1 345,496 529,589 469,244 466,777 395,682 460,830 432,062 489,529
EBITDA 1 30,309 52,014 37,359 20,999 17,686 45,793 31,846 37,307
EBIT 1 22,885 44,270 29,560 12,893 9,621 36,924 21,551 24,308
Net income 1 12,578 32,668 19,443 9,959 11,852 27,007 15,123 16,591
Net Debt 1 168,451 132,155 149,832 134,617 65,092 81,830 93,045 86,427
Reference price 2 49.50 56.25 53.75 28.25 36.00 64.25 64.25 64.25
Nbr of stocks (in thousands) 2,040,028 2,233,836 2,233,836 2,233,836 2,233,836 2,233,836 - -
Announcement Date 2/15/22 A 2/10/23 A 2/14/24 A 2/14/25 A 2/12/26 A - - -
1THB in Million2THB
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.48x1.62x6.95x2.71% 629B
20.72x1.71x9.97x0.44% 190B
7.12x0.57x2.64x4.88% 108B
10.5x0.31x4.86x6.46% 86.52B
7.57x0.6x4.66x1.62% 85.89B
6.47x0.66x4.6x1.37% 83.74B
8.56x0.59x5.98x2.49% 81.36B
8.8x1.66x4.41x2.89% 70.35B
12.22x1.46x7.77x1.97% 60.45B
Average 10.60x 1.02x 5.76x 2.76% 155.03B
Weighted average by Cap. 12.43x 1.29x 6.47x 2.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield